Chart Of The Day: Which Assets Are Suffering The Most

The iShares 20+ Year Treasury Bond ETF is down 4.8% from its 2026 high through late last week, and multiple tracking funds have similarly fallen from 2026 highs. The note characterizes this as a modest pullback — 'bonds are down but not out' — suggesting continued volatility in long-duration Treasuries rather than a broader market shock.

Analysis

The iShares 20+ Year Treasury Bond ETF is down 4.8% from its 2026 high through late last week, and multiple tracking funds have similarly fallen from 2026 highs. The note characterizes this as a modest pullback — 'bonds are down but not out' — suggesting continued volatility in long-duration Treasuries rather than a broader market shock.